Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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New Mortgage Rules Improving Credit Quality, BoC Says + MORE Nov 18th
Mortgage rules implemented over the past two years, along with rising interest rates, have worked to improve credit quality and reduce the number of highly indebted borrowers in the market. That’s according to a Bank of Canada research paper released this week and co-authored by bank staffers Olga.... More »
Latest in Mortgage News: Canadians Say Low Interest Rates to Blame for High Home Prices Sep 5th
More than three-quarters of Canadians (77%) believe home prices in suburban and rural areas have risen to unsustainable levels, and most feel that ultra-low interest rates are to blame. A full 8 out of 10 people say low borrowing costs are to blame for the recent run-up in home prices, according to .... More »
Ottawa to allow 30-year amortization for first-time buyers’ mortgages on new homes + MORE Apr 12th
Some advocates are praising Ottawa’s move to lengthen the amortization period on insured mortgages for certain home buyers, but say expanding the policy to all Canadians would help make home ownership more affordable.
Speaking in Toronto on Thursday, Finance Minister Chrystia Freeland announced.... More »
Latest in Mortgage News: Fixed Mortgage Rates Could Fall Over Coronavirus Fears + MORE Jan 29th
As fear grows over the deadly Wuhan coronavirus that has killed more than 100 people, it is now becoming the world’s—and Canada’s—latest economic headwind. That fear spread to financial markets on Monday, with the TSX falling 142 points and New York’s Dow Jones ending the.... More »
13,000 CIBC mortgage clients have come out of negative amortization Dec 19th
Over the past three months, roughly 13,000 CIBC clients have taken action to bring their mortgages out of negative amortization..... More »
Mortgage Regulations Cool March Home Prices
– canadianmortgagetrends.com
Housing legislation in Ontario and British Columbia, introduced in 2017 to cool their overheated urban markets, has continued to do just that, while dragging down average home prices year-over-year across the country. “Government policy changes have made homebuyers and sellers increasingly uncertain about the outlook for home prices,” said Canadian Real Estate Board (CREA) President […]
BoC Holds Rates, But Future Hikes on the Table
– canadianmortgagetrends.com
The Bank of Canada left interest rates where they were today, citing weaker-than-expected data in the first quarter. In its Monetary Policy Report, which was also released today, the bank noted that the Governing Council considered recent economic data “very carefully” and concluded the softness was due mainly to two temporary factors: the new mortgage […]
Got a mortgage? Good news: Bank of Canada didn’t raise rates yesterday!
– canadamortgagenews.ca
Yesterday, Bank of Canada (BoC) Governor, Stephen Poloz, left rates unchanged. This kept the bank prime rate at 3.45%.
This also, indirectly, affects fixed mortgage rates. Great news for anyone with a mortgage. Go ahead, it’s okay to feel good about paying a low interest rate on what’s probably the biggest debt of your life!
ARE ECONOMISTS RIGHT?
For months we’ve heard economists forecasting 2-4 BoC rate hikes for 2018. So far, we’ve had one increase – in January. Should we be expecting three more increases? Only time will tell, since the BoC raises its rate when inflation rises above the target inflation rate… currently the range is between 1% and 3%, and sits at an acceptable 2.10%. Some believe inflation has increased temporarily, in part, due to increased minimum wage.
And, while it’s not really talked about in the mainstream media, one of the biggest factors contributing to inflation is the huge minimum wage increases this year in Ontario and BC…
BREAKING: Ontario Car Insurance Rates Increase
– ratesupermarket.ca
Here at RateSupermaket.ca, we keep you in the loop of different ways to save, whether it be on your mortgage, through investments, or on your car insurance. The Financial Services Commission of Ontario (FSCO) has reported that Ontario car insurance rates have increased by 2.23 per cent on average.
Car insurance rates fluctuate based on a number of different factors. However, before an insurance company can change rates, it must first be approved by the Financial Services Commission of Ontario (a regulatory agency of the Ministry of Finance).
FSCO publishes approved rate changes quarterly, and the latest results are in:
In the first quarter of 2018, approved rates from auto insurance companies increased by 2.23 per cent on average – not a huge increase, but notable.
The range of approved rates seemed to be significant, with some companies lowering their rates by about one per cent, and another inflating its rates by 9.96 per cent on average.
“Consumers are urged to shop around for auto insurance,” FSCO said in its quarterly statement…
Bank of Canada Keeps Rate Steady at 1.25%… But Increase is Imminent
– ratesupermarket.ca
As widely expected, the Bank of Canada decided to keep its key interest rate at 1.25 per cent. This is the second announcement in a row where interest rates have been kept steady this year, after Bank of Canada Governor Stephen Poloz kicked off 2018 with a quarter-point hike.
New forecasts from the Bank of Canada show inflation running higher than the two per cent target. This implies that the BoC may increase interest rates in the near future just to keep prices in check.
Although the global economy is tracking higher than it was when January’s forecast was made, Canada’s GDP growth was also lower than expected. That being said, the BoC is expecting a rebound in the first half of 2018.
In light of previous rate hikes made by the Bank of Canada over the past year, all of the big banks have also increased their rates. But in advance of this announcement, TD Canada Trust dropped its 5-year variable mortgage rate by 0.10 per cent to 2.85 per cent. TD continues to be the bank with the lowest 5-year variable mortgage rate out of Canada’s Big Five banks…
